I’m definitely concerned on the Bitcoin front.

 

Now, Amazon could announce tomorrow at they’re going to start accepting direct Bitcoin payments and that would be a huge mark in its favor.

 

But if, before that, the Department of Justice decides that Bitcoin is a massive tool for money laundering and fraud and begins a huge regulatory crackdown, not so great for the early investors.

In the end, the lack of intrinsic value is what concerns me here for something priced this high. The price seems to be based mostly on the expectation that the price will be higher tomorrow than it is today and not on the expectation of increased utility or functionality. That’s a bubble.

 

Bitcoin was valued at about $100 just four years ago. How much has changed in Bitcoin’s real value to justify nearly $20,000 this week?

 

Blockchain holds some real promise for reducing transactional costs in the long term. I’m definitely worried that rampant speculation on Bitcoin and other related cryptocurrencies might undermine that progress that’s been made.

 

 

I really don't see the bolded happening, at least not anytime soon. Most people that hold bitcoin aren't using it for anything illegal, silk road is dead. The biggest thing BTC owners need to do to keep the government from throwing a fit is report their earnings when they file their taxes. The IRS is already looking into that and fought it out with coinbase in court. The IRS wanted records for all of their users but settled for the records of around 14,000 users. As long as people report their earnings (as they should) I don't really see the government cracking down on the bitcoin exchanges. In fact, it seems like they are becoming more accepting of the cryptocurrencies.

Don't forget that Bitcoin has a large Asian component.

 

I was going to put that in my post about wall street crashing it, but left it out. The people in the USA don't hold anywhere near the BTC that others around the world do, which would make it really hard for the investors with CME and such to make BTC completely tank. I really don't think they want to do that anyway, they just want to make it drop enough to buy back in and turn some nice profits.

Would I be a fool or a wise man to buy just 1 bitcoin right now?

Would I be a fool or a wise man to buy just 1 bitcoin right now?

 

I don't think anyone would consider you a fool. Whether it is a wise decision will be decided in the future. There's nothing wrong with some speculation if you can afford to speculate.

I bought 1 litecoin and its doubled my money in 2 days. Litecoin is where its at.

Litecoin $390. Wow.

I bought 1 litecoin and its doubled my money in 2 days. Litecoin is where its at.

 

:lol2: I got one the other day at $95. I was close to buying 10 and passed. Idiot!!!!

I bought 1 litecoin and its doubled my money in 2 days. Litecoin is where its at.

 

Never heard of it. I need to get out more.

Would I be a fool or a wise man to buy just 1 bitcoin right now?

 

If you plan to hold it long term and not trade it then I think you would be fine. Gotta be able to stomach a 40% drop at anytime.

I look at it as: OK, the stock market has to have a pullback at some point, so I keep waiting and waiting with cash parked and drawing very little interest. So why not have some fun and buy a bitcoin (or maybe some litecoins now). It's just money. Can't take it with ya.

I look at it as: OK, the stock market has to have a pullback at some point, so I keep waiting and waiting with cash parked and drawing very little interest. So why not have some fun and buy a bitcoin (or maybe some litecoins now). It's just money. Can't take it with ya.

 

Kinda the way I look at it. If I lose the money I'm playing with it's not going to kill me and who knows what it will become. Worth the risk to me. Everyone's situation is different though.

:lol2: I got one the other day at $95. I was close to buying 10 and passed. Idiot!!!!

 

I didn't get mine until $200. You should have bought 10 lol

 

Hind sight is 20/20

Never heard of it. I need to get out more.

 

Litecoin has gone up 100% in the last day.

I didn't get mine until $200. You should have bought 10 lol

 

Hind sight is 20/20

 

Don't even get me started. I had 1.25 bitcoin like 6 months ago and started trading other stuff. :irked:

Litecoin has gone up 100% in the last day.

 

Having said this, don't put more in than you're willing to lose. No-one knows what's going to happen.